Statement of Condition |
|
|
December 31, 2008 |
December 31, 2007 |
|
ASSETS |
CASH ON HAND AND IN BANKS
|
$13,513,012 |
$11,888,434 |
|
INVESTMENTS |
US GOVERNMENT AGENCY
|
12,308,149 |
19,566,743 |
BONDS
|
17,629,621 |
15,202,855 |
COMMON & PREFERRED STOCK
|
60,594,468 |
92,388,943 |
|
TOTAL INVESTMENT SECURITIES |
90,532,238 |
127,158,541 |
|
LOANS |
MORTGAGES - RESIDENTIAL
|
257,435,701 |
241,267,249 |
MORTGAGES - COMMERCIAL
|
159,395,310 |
150,853,476 |
BUSINESS LOANS
|
51,331,168 |
38,720,764 |
CONSUMER LOANS
|
5,538,921 |
6,262,730 |
EQUITY LOANS
|
60,602,784 |
57,014,505 |
LOAN LOSS RESERVE
|
(5,021,365) |
(4,231,811) |
TOTAL LOANS
|
529,282,519 |
489,886,913 |
BANK OWNED LIFE INSURANCE
|
9,584,774 |
9,293,671 |
OTHER ASSETS
|
26,562,362 |
19,890,633 |
TOTAL OTHER ASSETS
|
36,147,136 |
29,184,304 |
TOTAL ASSETS
|
669,474,905 |
658,118,192 |
|
LIABILITIES AND CAPITAL |
SAVINGS
|
155,360,154 |
156,287,806 |
TIME DEPOSITS
|
173,866,912 |
141,158,394 |
CHECKING
|
120,440,438 |
119,829,241 |
TOTAL DEPOSITS
|
449,667,504 |
417,275,441 |
OTHER LIABILITIES
|
166,900,468 |
175,078,629 |
CAPITAL
|
52,906,933 |
65,764,122 |
TOTAL LIABILITIES AND CAPITAL
|
$669,474,905 |
$658,118,192 |
| |
Consolidated Statement of Income |
|
INTEREST INCOME |
$38,028,561 |
$37,804,982 |
|
INTEREST EXPENSE |
16,462,915 |
18,012,640 |
NET INTEREST INCOME
|
21,565,646 |
19,792,342 |
|
OTHER OPERATING INCOME |
3,336,083 |
2,996,190 |
INCOME BEFORE OPERATING EXPENSE
|
24,901,729 |
22,788,532 |
|
OPERATING EXPENSE |
22,250,303 |
15,945,449 |
NET OPERATING INCOME
|
2,651,426 |
6,843,083 |
|
NET GAIN (LOSS) ON SALE OF SECURITIES AND LOANS |
(7,721,036) |
1,491,605 |
INCOME BEFORE TAXES
|
(5,069,610) |
8,334,688 |
|
INCOME TAXES |
(2,504,317) |
1,932,705 |
NET INCOME
|
($2,565,293) |
$6,401,983 |
|
